Examlex
According to Piaget,what is the term for behavior that is coerced by rules or authority figures?
Competitive Markets
Competitive markets are characterized by many buyers and sellers, allowing for free and open competition which dictates prices and quality of goods and services.
Economies Of Scale
The property whereby long-run average total cost falls as the quantity of output increases.
Competition
The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion.
Business-stealing Externality
A situation where a new entrant in a market captures a portion of the incumbent firms' customers, causing economic losses to existing businesses.
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